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Canadian Atlas Pharmaceuticals to invest $1.2 million in construction of food additives factory in Armenia

2018.10.10

With the support of Business Armenia, Canadian Atlas Pharmaceuticals Company will invest $1.2 million and found a food additive producing factory in Armenia, Business Armenia said today.

It said the MOU was signed by the President of Atlas Pharmaceuticals Giro Jebenyan and the International Commerce team leader of Business Armenia Narek Aleksanyan.

According to the signed document, Atlas Pharmaceuticals Company will establish a nutritional supplements production and clinical research center in Armenia. The investment program is expected to start in the first half of 2019 and employ around 30 people. The company representatives consider several production locations, including those in the regions.

"Our team promotes this with our daily work and we are happy that business arrangements gradually turn into signed documents and investments. This investment is a result of a Canadian outreach business mission led by Deputy Prime Minister and the Chairman of the Board of Trustees of Business Armenia Tigran Avinyan," stated the CEO of Business Armenia Armen Avak Avakian.

"After the clinical research, the herbal medicine and natural products will be supplied to the local and EAEU markets," said the President of Atlas Pharmacy Company Giro Jebenian.

"Last year Atlas Pharmaceutical purchased the QPharm and expanded the research division. Currently, it produces food supplements, herbal medicine and probiotics that are used to prevent or treat illnesses," said the team leader of Business Armenia Narek Aleksanyan.